Opec and Russia agree to cut oil output in bid to prop up prices

Reductions in response to coronavirus crisis amount to 10m barrels per day, or 10% of global supplies

Opec and its allies led by Russia agreed on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered in the coronavirus crisis.

The cuts by the oil cartel plus its allies, a group known as Opec+, amount to 10m barrels per day (bpd), or 10% of global supplies. Reductions of 5m bpd are expected to come from other nations to help navigate the deepest oil crisis in decades.

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from The Guardian https://ift.tt/2RqCWMt